SpiritHoods Shark Tank Pitch
SpritiHoods is a lifestyle rand that gives self-expression. The fur hoods have ears that contain speakers and gloves that extend from their hats.
They have $9.3 million coming into the Shark Tank pitch. SpiritHoods launched in 2010, and 70% of their sales happen in September through December and they sell for $99 with a cost of $29, made in Los Angeles. The company has a run rate of about $3 million a year.
They expanded to fast in the last year, and lost $500,000, so they stepped back and focused on what they do well. And, they have a brand name that has clients tattooing the Spirt Hood on their bodies.
They were originally a trend in the Women's fashion market.
SpiritHoods Episode Data
- Company: Virtuix – Website
- Entrepreneur: Marley Marotta and Alexander Mendeluk
- Ask: $450,000 for 15% equity
- Episode Season 5 Episode 511
- Companies in this episode:
- Bubba's Q BBQ
- Sharks go to DC – Featured Update
- First Aired: 12/06/2013
- Deal: No Deal
What do the Shark Tank Investors say about SpiritHoods?
- Mark Cuban – thinks it is too expensive for him to sell and he doesn't believe they can get the price right. He is out.
- Daymond John – the problem with this brand and this category is hot for a second and is downtrending. It would be a gamble, and he would license it out, giving $450,000 for 50% equity. Daymond wants to license out all categories but the price will have to come down. The brand needs to go into outerwear, t-shirts and backpacks. Daymond ends up having buyers remorse when Marley and Alexander step out of Shark Tank to discuss the deal. He is out.
- Kevin O'Leary – is scared because they dropped in a marketplace and he doesn't want to take the risk of the reinvention. He is out.
- Barbara Corcoran – thinks the best use is for a chick magnet. She likes to buy into businesses that are rising not falling. She is out.
- Robert Herjavec – says it is a good business, and has all the right answers. He invested in a company that made things like this for helmets and it worked for two years, but then the sales went away. He is out.
SpiritHoods after Shark Tank
The company continues to market their hoods through their website today and they are also available on Amazon.